Bill 2516

                    Current Status

Bill Number:               2516
Ratification Number:       22
Act Number                 210
Introducing Body:          House
Subject:                   Purchase of a limited amount of notes of
                           the Clark's Hill-Russell Authority by the
                           Division of General Services of the Budget and
                           Control Board

(A210, R22, H2516)

A JOINT RESOLUTION TO PROVIDE FOR PURCHASE BY THE DIVISION OF GENERAL SERVICES OF THE BUDGET AND CONTROL BOARD THROUGH THE INSURANCE RESERVE FUND AND THE STATE TREASURER OF A LIMITED AMOUNT OF NOTES OF THE CLARK'S HILL-RUSSELL AUTHORITY FOR CERTAIN PURPOSES.

Whereas, the Clark's Hill-Russell Authority is authorized to receive, hold, and manage certain lands acquired by the State from agencies of the United States government; and

Whereas, the authority has acquired from the General Services Administration approximately three thousand one hundred fifty-nine acres located in the Clark's Hill Reservoir area on the Savannah River, Little River, and Buffalo Creek, known as the Little River Project; and

Whereas, the authority is authorized to issue its notes for the purposes prescribed in Chapter 9 of Title 13 of the 1976 Code, is charged in the provisions of the chapter with aiding in the development of the project area for residential and recreational uses by the construction of roads, bridges, water distribution systems, sewer treatment and distribution facilities, and other related facilities, and is in the process of concluding negotiations for these developments; and

Whereas, it is anticipated that the construction of roads, bridges, water distribution systems, sewer collection lines, and storm drainage systems necessary to service residential and recreational facilities within the project area will have a beneficial impact upon the economy of the project area and will serve the purposes of Chapter 9 of Title 13 of the 1976 Code. Now, therefore,

Be it enacted by the General Assembly of the State of South Carolina:

Clark's Hill-Russell Authority notes; purchase by the Division of General Services; interest rate; repayment

SECTION 1. The Division of General Services of the State Budget and Control Board through the Insurance Reserve Fund and the State Treasurer shall purchase not more than twenty million dollars of notes of the Clark's Hill-Russell Authority in amounts not exceeding three million, five hundred thousand dollars in any one year for the purposes prescribed in Chapter 9 of Title 13 of the 1976 Code. The notes of the authority must bear interest at the rate of eight percent per annum and must be repaid over a term not exceeding thirty years from the date of issuance of a respective series of notes.

Time effective

SECTION 2. This act takes effect upon approval by the Governor.